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Economic Survey projects 6.5-7 per cent inflation for March

IANS     March 15, 2012
Highlights of the Economic Survey 2011-12 tabled in parliament by Finance Minister Pranab Mukherjee on Thursday:

  • GDP growth estimated to be 6.9 per cent in 2011-12
  • Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6 per cent in 2012-13 and 8.6 per cent in 2013-14
  • Farm sector growth pegged at 2.5 per cent for 2011-12
  • Services sector to grow at 9.4 per cent
  • Services sector share in GDP to go up to 59 per cent in the fiscal ending March 31
  • Industrial growth pegged at 4-5 per cent, expected to improve as economic recovery resumes
  • Inflation on WPI was high but showed clear slow down by the year-end. This is likely to spur investment activities leading to positive impact on growth
  • WPI food inflation dropped from 20.2 per cent in February 2010 to 1.6 per cent in January 2012
  • Calibrated steps initiated to rein-in inflation on top priority
  • India remains among the fastest growing economies of the world
  • Fiscal consolidation on track - savings and capital formation expected to rise
  • Exports grew by 40.5 per cent in the first half of this fiscal and imports grew by 30.4 per cent
  • Foreign trade performance to remain a key driver of growth
  • Forex reserves enhanced - covering nearly the entire external debt stock
  • Central spending on social services goes up to 18.5 per cent this fiscal from 13.4 per cent in 2006-07

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